Supporting Narrative

The APS was set up early in 2009 and was initially staffed largely by secondees. Since the formal launch of the APA on 7th December 2009, we have been recruiting to reach the full budgeted staffing levels.

Due to the specialist technical nature of the roles within the Agency, there is no hierarchical grading structure below SCS level. For the purpose of the organogram the posts have been split into three generic categories below SCS2 level (Director equivalent), these are: Director at SCS1 grade (equivalent to the standard Civil Service grade of “Deputy Director”); Manager (equivalent to the standard Civil Service grades 6/7); and Support Staff.

Staff are remunerated according to the nature of their role, therefore there are no structured pay bands. In order to secure suitably qualified and experienced individuals, the APA has had to pay at least a moderate proportion of their market salaries to its specialist staff, however, no pension entitlement is included in their remuneration package. Salary costs of the APA are recovered in full from RBS (refer to APA Annual Report and Accounts 2009-10). In addition, due to the relatively temporary nature of the Agency, all staff other than the CEO and CFOO are Fixed Term Appointments.

In the organisation charts on the following pages the resource costs have been given for each of the four APA teams, other than for the Legal and Compliance team which comprised fewer than five people at 1st February 2011 and has been combined with the Finance and Operations team. APA

Stephan Wilcke Chief Executive Officer SCS 2 Grade

Salary Band £150,000 - £154,999

Brian Scammell Chief Credit Officer – Commercial Real Estate SCS 2 Grade

Salary Band £130,000 - £134,999

Ion Dagtoglou Chief Investment Officer SCS 2 Grade

Salary Band £165,000 - £169,999

Jens Bech Chief Risk Officer SCS 2 Grade

Salary Band £165,000 - £169,999

Bill Dickinson Chief Financial & Operating Officer SCS 2 Grade

Salary Band £140,000 - £144,999

Vacancy \*\*\* General Counsel SCS 2 Grade

- Part-time \*\* APA does not pay pension contributions in respect of the individuals receiving these salaries \*\*\* Currently filled by a secondee

Data as at 1 February 2011 Version 2, published 1 February 2011 Investment Management Team

Ion Dagtoglou Chief Investment Officer SCS 2 Grade

Salary Band £165,000 - £169,999

SCS1 7.0 FTE \*

Manager 6.0 FTE

Salary Cost: £1,334,700

\*Note: This includes 1 FTE secondee who is not on the APA payroll, the cost of this secondment is not included in the salary total. Risk Team

Jens Bech Chief Risk Officer SCS 2 Grade

Salary Band £165,000 - £169,999

SCS1 1.0 FTE

Manager 4.0 FTE \*

SCS1 1.0 FTE

Manager 2.0 FTE

SCS1 1.0 FTE

Manager 3.0 FTE

Salary Cost: £783,795 \*

\*Note: This includes 3 FTE Government Actuarial Department secondees who are not on the APA payroll and 1 FTE interim, the cost of these four individuals is not included in the salary total.

Data as at 1 February 2011 Version 2, published 1 February 2011 Legal & Compliance Team

\*Note: These roles are performed by 2 secondees from an external law firm who are not on the APA payroll, the cost of these secondees are not included in the salary total. Finance and Operations Team

Bill Dickinson Chief Financial & Operating Officer SCS 2 Grade

Salary Band: £140,000 - £144,999

Operations

SCS1 1.0 FTE

Manager 1.0 FTE

Support Staff 3.0 FTE

Finance

SCS1 2.0 FTE

Manager 1.0 FTE

Support Staff 0.6 FTE

Human Resources

Manager 0.8 FTE

Support Staff 0.4 FTE

Salary Cost: Finance & Operations and Legal & Compliance teams: £675,058 (Refer to footnote * on page 5)

Data as at 1 February 2011 Version 2, published 1 February 2011